中信证券：海外钇和钪短缺加剧 强烈看好氧化锆厂商

Group 1 - The aerospace and semiconductor suppliers are facing a severe shortage of rare earth elements, particularly yttrium and scandium, which is impacting their operations [1] - Yttrium prices have surged approximately 60% since November last year, currently priced at 69 times higher than a year ago, leading to increased costs in the zirconia supply chain [2] - Chinese zirconia manufacturers are expected to benefit from the price hikes of Japanese competitors, allowing them to expand their market share internationally [3] Group 2 - Scandium is widely used in RF front-end modules and semiconductor target materials, crucial for enhancing signal strength and efficiency in high-frequency telecom applications [4]